From January, consumers with annual taxable income over Rs 10 lakh won’t get subsidised LPG
New Delhi: The NDA government today announced that taxpayers with an annual income of more than Rs 10 lakh will not get subsidised LPG cylinders from the new year. This is the central government’s decisive step to curbing the supply of subsidised cooking gas.
At present, all households are entitled to 12 cylinders of 14.2-kg each at subsidised rate of Rs 419.26, while the market price of each cylinder is Rs 608. In the assessment year 2014-15, a total of 20.26 lakh assesses were reported as having a taxable income above Rs 10 lakh, according to the Central Board of Direct Taxes data, reports The Indian Express.
The government had asked well-off people to voluntarily give up using subsidised LPG and instead buy cooking fuel at market price, oil ministry said in a statement.
So far, over 57.5 lakh LPG consumers, out of nearly 15 crore customers, have given up subsidies.
“While many consumers have given up subsidy voluntarily, it is felt that consumers in the higher income bracket should get LPG cylinders at the market price,” the statement said.
The government, it said, “has decided that the benefit of the LPG subsidy will not be available for LPG consumers if the consumer or his/her spouse had taxable income of more than Rs 10 lakh during the previous financial year computed as per the Income Tax Act, 1961.”
Read full article: First Post
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